- Ethereum price analysis is bearish today.
- ETH/USD set lower high at $4,700 overnight.
- The downside is likely to be tested again today.
Ethereum price analysis is bearish today as we expect another move lower to set another higher low after a lower high was set overnight. Overall, ETH/USD is currently trading in an increasingly tighter consolidation, meaning not a lot of volatility should be seen today.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 0.3 and 0.11 percent, while the rest of the top altcoins saw a slight gain.
Ethereum price movement in the last 24 hours: Ethereum continues to consolidate as another lower high is set
ETH/USD traded in a range of $4,510.92 – $4,702.12, indicating milf volatility over the last 24 hours. Trading volume has declined by 14.6 percent and totals $16 billion, while the total market cap trades around $544,86 billion, resulting in market dominance of 19.58 percent.
ETH/USD 4-hour chart: ETH heading to set another higher low?
On the 4-hour chart, we can see bearish momentum returning, likely leading the Ethereum price to set another higher low as the consolidation continues.
Ethereum has seen bearish momentum return this week. After a new higher high was set at $4,650 last week, the following retracement set a strong higher low at $4,350.
From there, ETH/USD moved higher again at the beginning of this week until a new all-time high at $4,840 was set on the 9th of November. However, since then, Ethereum has seen a strong spike below $4,500, followed by a consolidation in an increasingly tighter range.
As both higher low and lower highs were set over the past 24 hours, we expect Ethereum to continue consolidating. ETH/USD is currently headed lower again, likely to set a higher low above $4,500.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect another higher low to follow after ETH peaked at $4,700 overnight. Therefore, ETH/USD is expected to continue trading in an increasingly tighter range.